Nofence adds $2.3M in capital investment
Nofence, a Batnfjordsøra, Norway-based company developing a wearable device for animals, completed a strategic investment round totalling NOK 20M ($2.3M).
The money was provided half by strategic investor Geogroup AS, through Calidris AS (owned by Olbjørn Kvernberg, founder at Geogroup and Geodata) and the other half by existing investors and employees.
Nofence, founded in 2011 and led by CEO Erik Harstad, developed a wearable for animals - a solar-powered GPS collar and a digital map. If an animal crosses the nofence boundary and enters the warning zone, the collar starts vibrating and beeping to warn the animal that it will receive an electric shock.